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First right of refusal template 2025

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The document outlines a Right of First Refusal agreement between a Seller and a Purchaser regarding the purchase of specific real estate. It grants the Purchaser the exclusive right to buy the property before it is offered to third parties, detailing terms for exercising this right, conditions for title acceptance, payment obligations, and responsibilities for closing costs. The agreement also specifies the duration of the option, provisions for default, and governing law.

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What is a simple right of first refusal clause?

What Is a Right of First Refusal? Right of first refusal (ROFR), also known as first right of refusal, is a contractual right that someone has to match or decline to match an offer for an asset after other offers have been made. The person who holds this right is entitled to enter a transaction before anyone else does.

What is the first right of negotiation clause?

A Right of First Negotiation is a contractual provision that grants a party the opportunity to negotiate terms before the agreement or offering is made available to others. This right obligates one party to negotiate terms with another before considering any external offers.

What is the standard first right of refusal?

A right of first refusal is a contractual right giving its holder the option to match or decline to match an offer on an asset before the owner can sell it to someone else. The ROFR assures the holder that they will not lose their right to an asset if others express interest in it.

What are the downsides of ROFR?

A right of first refusal is a serious detriment to the value and marketability of property and often leads to litigation. In most situations you should avoid granting rights of first refusal if at all possible.

What is the right of first refusal shares clause?

Right of first refusal (RFR or ROFR) has multiple meanings: In the context of a corporation, an ROFR is a contractual obligation of a shareholder to offer to sell its shares to the other holders (or sometimes back to the corporation) after receiving a bona fide offer to purchase from a third party.

right of first refusal real estate

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What is an example of a right of refusal?

Examples. ROFR: Abe owns a house and Bo offers to buy that house for $1 million. However, Carl holds a right of first refusal to purchase the house. Therefore, before Abe can sell the house to Bo, he must first offer it to Carl for the $1 million that Bo is willing to buy it for.

What is the simple ROFR clause?

A generic right of first refusal (ROFR) provision that restricts a contracting party from accepting a third-party offer to enter into a specified transaction without first offering the terms proposed by the third party to the holder of the ROFR.

What is the clause of first refusal?

Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, ing to specified terms, before the owner is entitled to enter into that transaction with a third party.